My great grandfather started a chain of highly successful super market grocery stores here in AL and in other states. When he died, I among other family members got a piece of his net worth. Actually my portfolio was more than double what it is now before the crash in 2000 . But dont think that I'm some spoiled rich kid, cuz I'm not. I drive a honda. I actually take pride in the fact that while my closest cousins have blown just about all their money, mine is still intact. "Someone let him have it already!!" My mother is still on the account ..so I have to go through her first (but now that I'm 21, I think it's legally mine now) . I actually called her to ask if she could wire me about 10,000 so I could put that in my Scottrade account and get the ELITE platform .. no luck. I should call the manager and tell him to start trading oil futures ..that should boost my gains by Christmas time. Just kidding. cm69
Keep the money safe work your tail off and get into a Top Tier School or if you are in school get into a Excellent Grad Program after. There is still tons to learn not to mention how much the markets are changing right now. Just look at the top article in the new Bloomberg Magazine about Goldman's Global Alpha Fund. These guys are some of the best in the world and are finding markets they can't produce double digit returns. There are a lot of good schools out there now that have students manage funds with endowmnet money. Google RISE Symposium to see what I'm talking about. Check out some of the schools in these competitions. While it might not be the exact type of trading you are doing, the schools get a lot of recognition for being top dogs among many universities and big banks are not over looking these students. Get recognized as a leader in one of these programs and you'll get your opportunites. Good Luck. Keep the money safe right now.
You're a funny dude, people like you crack me up nowdays. Can't help it, I meet too many of them, after a while amazement just becomes amusement. Even though I think money managers are a joke, in cases like yours, they are guardian angels. Just be happy that you have that nice safety nest. You are far from mature enough to handle it. If you wanna go daytrade, take whatever is left of your trading money and go to a "prop" firm for better leverage, rates & software. Don't bother with licenses and trade remote.
Cash - that actually does say something about you. When I was a broker and saw money transfer generations, 95% of the time the younger generation would blow thru it in no time. I think it had to do with the fact that they did not actually earn it, so it was a like 'free' money. You obviously see the potential here or you would be driving a Mercedes by now. Now your job is to stay on top of the broker and money manager and if need be, interview other brokers/managers. There's nothing saying you have to stick with these guys. As for the age thing, you are probably right. Each state is different but usually by 21 the account is legally the child's. That was my experience in Ohio anyways. With that being said, please do not view that as a giant ATM just waiting to feed your trading account.
I dont..at least not this account. I had a 2nd portfolio with a local investment firm here that I cashed out because most my money (80-90%) was in bonds. The money was invested with something called "GMO" ( http://www.gmo.com/America/).. a 127 billion dollar private partnership fund, but I couldn't wait any longer. I wanted to start trading. My grandmother finds out (because in my family, everyone knows everyone elses business), and she's upset with me cuz I keept it a secret for over a year. She asks me how much I've made and I said: me - "Well....last year I lost 2.9k, but I'm getting better".. "You LOST over two thousand dollars!?", me - "Yes" "And that doesnt mean anything to you does it?..." me - "It does, but what do you expect of me..huh?..I'm not going to make a million by next week..80+% of people that do this fail..I'm still here, and I'm not quitting" "You should go out and get a real job like everyone else and stop trying to gamble. You know, your uncle does the samething, but he could lose a million tomorrow and could care less" me - "Well if I'm gambling, then so are you because both trading and investing revolve around speculation which is really nothing more than a game of chance. " (That pretty much ended the conversation) bottom line: Yea I cashed out my portfolio, but that's for my trading education . and second, family thinks I'm nothing more than a gambler, which I take as disrespect. It's kind of like starting any other business, but they don't see that. CM69
cash - that's an entirely different discussion. The vast majority of people out there do not get what we do. You should of heard what I was being told when I resigned from my broker position making over $100k a year to become a full-time trader.... Talk about some interesting discussions...
I like this one...cashmoney you are already ahead of the game...make sure that money is put through the least amount of risk possible; unless of course you have a sure thing...:eek:
I think it's normal. The professional money managers on my "never touch" portfolio do the same thing over a large number of stocks. Sometimes it's 10 shares, but then they make the same size buy multiple times on dips as it goes up.